LIC premium payment methods- online and offline

LIC premium payment within the due dates, is the most vital responsibility of the policy holder. This is easily said than done. Missing a due date can even make the policy void and may even fail to serve its very purpose, when it is most needed. In your busy day to day life, you may have faced several occasions where you ware unable to pay the premium at LIC branch cash counter, that too waiting in a long queue.

LIC of India, the largest public sector insurer in India has addressed this problem to a great extend by providing umpteen number of choices for premium payment to policy holders.

LIC POLICY PREMIUM PAYMENT METHODS

Lets have a look at the options one by one.
For convenience we can divide the LIC premium payment options available as ONLINE and OFFLINE

LIC premium payment – ONLINE methods.

LIC premium payment through LIC Website and LIC e-servises

LIC’s website provides a powerful customer portal with the name LIC e-services which provides a one stop solution to pay policy premium, track your policies, get premium calendars, find loan available and revival amounts, get premium paid statements for income tax purposes etc.
In order to use the portal fully, you will have to register for LIC e-services. Please go through the step by step guide on registering for e services provided here to make the registration process hassle free. Premium can be paid through net banking, Debit Cards or Credit Cards.

Payment of LIC premium through authorised Banks

Premium can be paid as either Cheque or Cash at the cash counter of the authorised banks. One thing to remember is that Premium of ULIP policies and salary savings scheme(SSS) policies cannot be paid through bank.

ICICI bank customers can pay LIC premium through Direct Debit method. This is done through standing Instruction given at your bank through a mandate form available at LIC branch office.

LIC premium payment through Franchisees

OFFLINE methods of premium payment

Obviously the most popular method of offline premium payment is through cash counter of LIC it self.

Cash counter timings of LIC is given here.

Days

Fore Noon

Lunch Break

After Noon

Monday to Friday

10 AM to 2 PM

2 PM to 2.45 PM

2.45 PM to 3.45 PM

Saturday

10 AM to 12.30 PM

Closed

Electronic Clearance Service (ECS)

of-late ECS has become one of the most popular method for Insurance policy premium payment. The premium is electronically debited from your bank account on a stipulated date based on the due date of the policy. Once enabled, this method provides a convenient way to pay policy premium.It is automatic and only thing to be ensured is that required amount is available with the account.

Procedure to enable ECS for LIC policies

Download the ECS mandate form. Submit Signed ECS Mandate Form at your bank to enable ECS mode of payment. Existing policies with other modes of payment can also converted to ECS mode.
Premium payment through ATM

LIC premium payment is possible through ATMs of following banks.

1. Corporation Bank
2. Axis Bank
3. ICICI bank

Follow the instructions at ATM to pay premium

Collection centres

LIC has set up thousands of collection centres in almost all cities through following channels

Premium Point

LIFE plus

Retired LIC Employee collection centres

So Life insurance corporation of India has provided a variety of choice for paying your valuable insurance policy and now its your job to keep premium due of all your policies up to date.

Anish L J is a finance, insurance and software consultant with more than 18 years of experience in these fields. He thoroughly follows developments in insurance and finance. 'INSURANCE FUNDA' (www.insurancefunda.in) is his endeavour to provide simple and solid solutions in the Insurance and Finance sectors.

Anish L J

Anish L J is a finance, insurance and software consultant with more than 18 years of experience in these fields. He thoroughly follows developments in insurance and finance. 'INSURANCE FUNDA' (www.insurancefunda.in) is his endeavour to provide simple and solid solutions in the Insurance and Finance sectors.